S 2961 RS

To provide debt relief to Haiti, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Haiti Recovery Act’.CommentsClose CommentsPermalink

SEC. 2. DEBT RELIEF FOR HAITI.

(a) In General-CommentsClose CommentsPermalink





(1) CANCELLATION OF DEBT- The Secretary of the Treasury should direct the United States Executive Director to each international financial institution to advocate in such institution--CommentsClose CommentsPermalink





(A) the cancellation of any and all remaining debt obligations of Haiti, including debt obligations incurred [Struck out->]after[<-Struck out] before the date of the enactment of this Act [Struck out->]and before February 1, 2012[<-Struck out] ;CommentsClose CommentsPermalink





(B) the provision of debt service relief for all [Struck out->]remaining payments of Haiti[<-Struck out] payments of Haiti remaining on the date of the enactment of this Act; andCommentsClose CommentsPermalink





(C) to the extent practicable, the extension of any new assistance to Haiti be primarily in the form of grants [Struck out->], not loans[<-Struck out] until February 1, 2012.CommentsClose CommentsPermalink





(2) INTERNATIONAL FINANCIAL INSTITUTION- The term ‘international financial institution’ means each of the institutions listed in section 1701(c)(2) of the International Financial Institutions Act (22 U.S.C. 262r(c)(2)) and includes the International Development Fund for Agricultural Development.CommentsClose CommentsPermalink





(3) SENSE OF THE SENATE- It is the sense of the Senate that international financial institutions should cancel any debt incurred by Haiti after the date of the enactment of this Act and before February 1, 2012, so that Haiti can rebuild after the devastation of the earthquake of January 2010.CommentsClose CommentsPermalink





(b) Use of Certain Funds for Poverty Reduction- The Secretary of the Treasury should instruct the United States Executive Director of the International Monetary Fund to advocate the use of [Struck out->]the proceeds, in excess of May 2009 projections[<-Struck out] some of the realized windfall profits that exceed the required contribution to the Poverty Reduction and Growth Trust (as referenced in the IMF Reforms Financial Facilities for Low-Income Countries Public Information Notice (PIN) No. 09/94) from the ongoing sale of 12,965,649 ounces of gold acquired since the second Amendment of the Fund’s Article of Agreement, to provide debt stock relief, debt service relief, loan subsidies, and grants for [Struck out->]low-income countries that are eligible for the Poverty Reduction and Growth Facility or any other programs designed to assist low-income countries, including Haiti[<-Struck out] Haiti.CommentsClose CommentsPermalink





(c) Securing Other Relief for Haiti- The Secretary of the Treasury and the Secretary of State should use all appropriate diplomatic influence to secure cancellation of any and all remaining bilateral debt of Haiti.CommentsClose CommentsPermalink

SEC. 3. INFRASTRUCTURE INVESTMENT.

(a) Trust Fund- The Secretary of the Treasury should support the creation and utilization of [Struck out->]an Inter-American Development Bank[<-Struck out] a multilateral trust fund for Haiti that would leverage potential United States contributions and promote bilateral donations to such a fund for the purpose of making investments in Haiti’s [Struck out->]infrastructure[<-Struck out] future, including efforts to combat soil degradation and promote reforestation and infrastructure investments such as electric grids, roads, water and sanitation facilities, and other critical infrastructure projects.CommentsClose CommentsPermalink





(b) Increase in Transfer of Earnings- The Secretary of the Treasury should direct the United States Executive Director of the Inter-American Development Bank to seek to increase the transfer of its earnings to the Fund for Special Operations [Struck out->], which finances programming in Haiti and other weak economies in the Western Hemisphere.[<-Struck out] and to a trust fund or grant facility for Haiti.CommentsClose CommentsPermalink

Calendar No. 276

To provide debt relief to Haiti, and for other purposes.